MOSCOW (MRC) -- PPG Industries announced it will acquired Worwag (Stuttgart, Germany), a producer of liquid, powder and film coatings for industrial and automotive applications, said Chemweek.
Terms of the transaction, including purchase price, have not been disclosed. The deal is expected to close in the first half of this year.
Worwag, a family-owned business, has operations in several countries in Europe, the Americas and Africa, and generates about EUR220 million/year (USD269 million) in revenue. It has about 1,100 employees.
"The addition of Worwag will also enhance PPG’s waterborne, direct-to-metal, liquid and powder coatings offerings, and allow us to further expand current customer distribution in key geographies," says Rebecca Liebert, executive vice president at PPG.
The deal is the second substantial acquisition announced by PPG this year, and the fourth since mid-November, including the USD1.52-billion acquisition of Finnish decorative coatings producer Tikkurila.
As MRC informed earlier, PPG said 24 December that it has completed the acquisition of specialty transport coatings maker Ennis-Flint.
We remind that Russia's output of chemical products rose in October 2020 by 7.2% year on year. At the same time, production of basic chemicals grew in the first ten months of 2020 by 6.3% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-October output. October production of polymers in primary form grew to 857,000 tonnes from 852,000 tonnes in September. Overall output of polymers in primary form totalled 8,340,000 tonnes over the stated period, up by 17% year on year.